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Bluechips lead the final hour surge
Wed, 11 May Closing

Reports of lower inflation and lower commodity prices in global markets seemed to have boosted investor sentiments as the indices in Indian stock market recovered sharply in the closing hours of trade. The BSE-Sensex gained in the region of 72 points whereas NSE-Nifty closed higher by around 24 points (up 0.4%). The smaller indices also registered gains with the BSE Midcap and BSE Small cap indices both ending higher by 0.6% and 0.7% respectively. Power stocks led the declines while auto, banking and realty bluechips led the gains in the benchmark indices.

Major Asian indices also closed the day mixed with Korea seeing some gains. India lagged the pack of gainers in the Asian Region. Europe is currently trading flat to positive. The rupee was seen trading at Rs 44.67 to the dollar at the time of writing.

Power generation major NTPC declared results for the fourth quarter and fiscal year ending March 2011. The company declared 17% and 18% YoY growth respectively for the quarter and full year. The bottom line however, remained flat year on year. The capital expenditure undertaken by the company in FY11 was 22% higher than that in FY10. The approved outlay for FY12 at Rs 264 bn is more than double that of FY11. During FY11, NTPC added 2,490 MW of capacity of which 1,600 MW was declared commercial. Further 14,748 MW of capacity is under construction. Coal Linkages received for 9 new projects with a total capacity of 10,920 MW. The stock of NTPC was amongst the top losers today.

India's third-largest software services exporter, Wipro has bought a majority stake in Brazil's hydraulic cylinder maker RKM Equipamentos Hidraulicos. The acquisition will be a part of Wipro's infrastructure engineering division. The financial terms and conditions of the deal have not yet been disclosed.

Wipro Infrastructure Engineering supplies precision engineered hydraulic cylinders and components to manufacturers of construction, material handling equipment, earth moving machinery, forest equipment and medium, heavy commercial vehicles in Asia and Europe. Buying a majority stake in RKM would give the company a platform to expand and extend its product portfolio in Brazil and rest of Latin America. The stock Wipro closed marginally higher today

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